China fines six firms over price-fixing

LG, Samsung and the Taiwanese companies were ordered to repay a total of 172 million yuan ($A25.91 million) to Chinese customers after Chinese regulators found they fixed prices of flat panel screens. Photo: Kim Hong-Ji

AP

Chinese regulators have fined South Korean companies LG and Samsung and four Taiwanese companies on charges they fixed prices of flat panel screens sold to Chinese manufacturers.

The government announced on Friday that LG, Samsung and the Taiwanese companies were ordered to repay a total of 172 million yuan ($A25.91 million) to Chinese customers.

In addition, the companies were fined a total of 144 million yuan.

The Chinese cabinet's economic planning agency said investigators found representatives of the six companies met dozens of times in 2001-06 to agree on prices to charge for flat-panel screens.

It said that the action improperly raised costs for Chinese manufacturers.

AAP

BY Lisa Carapiet

Lisa writes about travel, art and fashion based in our
Sydney newsroom.